Most of us decided to become a hairstylist because the thoughts of spending 8 hours a day in an office cubicle playing with spreadsheets and crunching numbers sounded like absolute torture. We are creative people and enjoy the art of the hair service and would prefer that our only need for math be how to count our massive gratuities at the end of a busy day.
There have been a lot of changes in our industry. The opportunity for a solo salon and booth rent regulations loosening up have made it easier than ever to become a solopreneur. The problem is we all went to cosmetology school and learned the basic information necessary for passing the State Board exam period. We were not taught how to set pricing, how to market our services, and how to earn a profit.
We get jobs in salons and work hard to grow our client base, and then the obvious next step seems to logically be to step out on our own. What was not obvious, however, was how much work the owner of the salon was doing behind the scenes to be sure the salon was being run properly and able to be profitable.
If you are a commission employee, a booth renter, or a solo suite owner regardless of how you are set up in your pay structure, it is ultimately up to you to ensure that you reach your goals for the year. You can no longer sit back and play the blame game and use the lack of advertising or promotions of the salon owner as an excuse. We all have the same 365 days in a year, the same 24 hrs in a day. What you choose to do with yours is what will set you apart at the end of the year.
My challenge for you this year is to not simply accept what shows up for you. Take the time, right now, to map out a goal and plan for a more successful 2020.
What is your income goal for 2020? My goal for 2019 was $100,000. I was starting a brand new business and felt like that was a stretch goal and was going to be pretty impossible. Having a set goal and measuring my progress month after month made all of the difference. If my goal for month one fell short, I knew I better step up my game in month two in order to make up whatever amount I was under in month one.
Doing this every month, I held myself accountable. I could have simply gone day-to-day doing whatever I felt like doing that day. I only had myself to answer to and let me tell you I am harder on myself than any employer could possibly be.
Not only did I reach my goal, but I was able to reach it two months before the end of the year. I know in my heart if I did not strategize and plan for it, that would not have happened.
So let’s use my goal as your example because in today’s economy, who doesn’t want to earn six figures? Life has gotten pretty expensive. So if you want to more than just pay your bills and not live paycheck to paycheck, let’s start planning now.
Simply take that number $100,000 if you are self-employed, let’s use the number $150,000 because you want to take home 100,000 and you have expenses.
150,000 divided by 50 because I want you to also plan to have two weeks vacation as well.
Therefore you will need to generate $3000.00 per week every week in order to hit your goal. It sounds like a huge number, but let’s break it down further if you work a 5 day week that is $600.00 per day.
If you work an 8 hour day, that means you will need to generate $75.00 per hour. That is very easily done. Where you will fall short is with client no shows, cancellations, and off days. So you need to have a plan in place to always have a waiting list of clients who will fill those gaps.
Once you have your daily goal, you will be more motivated to offer additional services to your existing clients. If a client is scheduled for a haircut, you can offer an additional upgrade of a custom conditioning treatment for an additional $20.00. When this becomes second nature, the additional income it provides can make up for a day where you may have missed your goal by a small amount. This keeps you on track for your goal for the entire year.
I also want you to see that by planning for two weeks of vacation, you won’t have that panic feeling if you get sick or have a family emergency and will miss a day or two of work.
So stop making excuses and start taking action because the only one standing between you and a six-figure year is YOU!
A licensed cosmetologist since 1986, Elaine has personally trained all of her own stylists and taken them from beauty school graduate to color expert in less than one year earning over $60,000 annually.